The initial public offering (IPO) of Nykaa's operator, FSN E-Commerce Ventures, was subscribed 1.55 times on the first day of the issue. It received bids for over 4.09 crore equity shares against an IPO size of 2.64 crore, data showed. The portion reserved for retail investors was subscribed 3.5 times, while that of qualified institutional buyers was subscribed 1.39 times.